OPEN-SOURCE SCRIPT
Jakes main indicator
Key Updates:
Support and Resistance Calculation:
We're using request.security() to fetch the previous day's low and previous day's high from the daily timeframe and plotting them as static support and resistance levels. These levels won't update on lower timeframes.
daily_support is the previous day's low, and daily_resistance is the previous day's high.
Plotting Static Lines:
We plot these static support and resistance levels using plot(), which will appear as green (support) and red (resistance) lines on the chart.
How It Works:
Support and resistance will be static, calculated only once on the daily timeframe, and then stay constant even as you zoom into lower timeframes.
The EMA cloud and buy/sell signals are based on your existing logic and work as intended, but now you have static support and resistance lines that won’t change over time.
The buy and sell signals will still depend on the EMA crossovers and volatility, but now you have a reliable frame of reference for support and resistance on your chart.
You can now adjust the support/resistance calculation method as needed, or tweak the visualization settings.
Support and Resistance Calculation:
We're using request.security() to fetch the previous day's low and previous day's high from the daily timeframe and plotting them as static support and resistance levels. These levels won't update on lower timeframes.
daily_support is the previous day's low, and daily_resistance is the previous day's high.
Plotting Static Lines:
We plot these static support and resistance levels using plot(), which will appear as green (support) and red (resistance) lines on the chart.
How It Works:
Support and resistance will be static, calculated only once on the daily timeframe, and then stay constant even as you zoom into lower timeframes.
The EMA cloud and buy/sell signals are based on your existing logic and work as intended, but now you have static support and resistance lines that won’t change over time.
The buy and sell signals will still depend on the EMA crossovers and volatility, but now you have a reliable frame of reference for support and resistance on your chart.
You can now adjust the support/resistance calculation method as needed, or tweak the visualization settings.
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